PDP Shipping & Projects IPO booked 24% on Day 1: Check issue size, price band & more

PDP Shipping & Projects IPO witnessed weak demand on Monday, March 10, the first day of bidding. Only 24% of the BSE SME issue was subscribed. The bidding for the ₹12.65-crore SME IPO will close on Wednesday, March 12.

According to BSE data, at the end of the bidding on the first day at 5 p.m., applications for 2.14 lakh equity shares were received against 8.9 lakh shares on offer.

The retail investors placed bids for 2.01 lakh shares against 4.45 lakh shares set aside for them. The retail portion was subscribed 45%. The Non-Institutional Investors (NIIs) subscribed only 3% of their quota with bids for 13,000 shares. The company has set aside 4.45 lakh shares for the NIIs.

PDP Shipping & Projects IPO details

PDP Shipping & Projects IPO is a fixed price issue aimed at raising ₹12.65 crore. The initial public offering comprises a fresh issue of 9.37 lakh shares and no offer-for-sale component.

The company has fixed the price at ₹135 per share for the IPO. The minimum lot size is 1,000 shares, requiring an investment of ₹1,35,000 from retail investors. The company has set aside 4,45,000 shares for retail investors and the rest 4,45,000 shares for non-retail investors.

PDP Shipping & Projects IPO key dates

PDP Shipping & Projects IPO is open for subscription from March 10 to March 12. The company is expected to finalise the IPO share allotment on Thursday, March 13. PDP Shipping is likely to credit shares to Demat accounts on Monday, March 17, and refunds will also be issued on the same day.

The tentative date for listing of PDP Shipping shares on the BSE SME platform has been scheduled for Tuesday, March 18.

PDP Shipping & Projects IPO objective

PDP Shipping is a logistics services provider offering end-to-end solutions in the logistics and transport sector as a Multi-Modal Transport Operator. The company offers sea and air freight transportation, custom clearance services and value-added services in the industry.

The company holds a licence from the Directorate General of Shipping, Government of India, to work as an MTO and a Customs Broker.

The company handles the transport of cargo worldwide which are of various shapes, sizes, and weights via sea, air, road, rail, coastal barges, or through multi-modal transportation.

According to PDP Shipping RHP, the company will utilise ₹10 crore of IPO proceeds for part funding long-term working capital requirement and ₹79 lakh for other corporate purposes.

The company funds the majority of its working capital requirements in the ordinary course of our business from our internal accruals, share capital and financing from banks and financial institutions by way of working capital facilities.

Key Financials

Profit after tax was ₹1.57 crore in the April-November period of FY2024-25. The company reported revenue from operations of ₹13.75 crore in the period under review.

The company reported a profit after tax of ₹2.31 crore for the financial year ended on March 31, 2024, against ₹1.68 crore in the previous financial year.

The company reported revenue from operations of ₹20.51 crore for FY 2023-24 compared to ₹22.48 crore in FY 2022-23.